Everyone must admit that BERNIE MADOFF should receive an award for being the MARKETING GENIUS of the past twenty years.
Of course, we all admit he may have been the biggest crook in all of history...but I would like to discuss what Bernie did that could be put to POSITIVE practices.
First Bernie understood segmentation. He targeted primarily the Jewish wealthy and charities. Based on what is published these were his chosen people. I am a strong believe in targeting and focusing on a specific segment. This might be based on gender, affluence or wealth...Bernie targeted both affluence and religion.
Second, he created a "myth" of exclusivity. He didn't accept anyone and even rejected some of his applicants...this made his myth even strong... it was the "exclusive country club" mentality.
Third, he didn't hire a large sales force, but permitted his sales force to belong and then use their Missionary zeal to convert others. Many of his missionaries lost all they had, but believed in Bernie.
Fourth, the created HIGH EXPECTATIONS and MET THEM. His returns were high and consistent.Overall BERNIE MADOFF was the living image of the RELATIONSHIP, ENTREPRENEURIAL salesman. He did a great job... but unfortunately it was ALL A LIE.If we ignore Madoff's dishonesty... he exhibited the essence of a RELATIONSHIP Salesman...
Bill Rothschild... author of THE SECRET TO GE's SUCCESS... a company who was never led by the MADOFF types and has delivered what it promised...for over 127 years (and hopefully will continue to do so for the next 100 years)
Of course, we all admit he may have been the biggest crook in all of history...but I would like to discuss what Bernie did that could be put to POSITIVE practices.
First Bernie understood segmentation. He targeted primarily the Jewish wealthy and charities. Based on what is published these were his chosen people. I am a strong believe in targeting and focusing on a specific segment. This might be based on gender, affluence or wealth...Bernie targeted both affluence and religion.
Second, he created a "myth" of exclusivity. He didn't accept anyone and even rejected some of his applicants...this made his myth even strong... it was the "exclusive country club" mentality.
Third, he didn't hire a large sales force, but permitted his sales force to belong and then use their Missionary zeal to convert others. Many of his missionaries lost all they had, but believed in Bernie.
Fourth, the created HIGH EXPECTATIONS and MET THEM. His returns were high and consistent.Overall BERNIE MADOFF was the living image of the RELATIONSHIP, ENTREPRENEURIAL salesman. He did a great job... but unfortunately it was ALL A LIE.If we ignore Madoff's dishonesty... he exhibited the essence of a RELATIONSHIP Salesman...
Bill Rothschild... author of THE SECRET TO GE's SUCCESS... a company who was never led by the MADOFF types and has delivered what it promised...for over 127 years (and hopefully will continue to do so for the next 100 years)
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